Steve, thanks for the heads up about the monthly meetings, I will keep my eyes open for them.  

Now I am trying to form a LLC as everyone says LLC is the way to go to protect my personal assets from any trouble in future.

I will keep my eye out for opportunities like this in the future!

Well anyway, I get a lead from my pest control guy about some boarded up houses on the other side of town and decide to go check them out and figure I'll keep my eye out for other houses too.

I'm not sure how people are making money on these deals but I'm sitting back for awhile until things cool down but definitely keeping my ears and eyes open for off-MLS opportunities.

The downside is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.

Banks are NOT people, they don't care about anything but getting their money and protecting their equity position!

I probably look at least once every month or so at what nearby rentals are currently listed for just to keep an eye on the trend.  

Someone she knows is living there now just keeping an eye on things.  

if you are able to control the property with a written offer, what protection clauses will you use in your contract offer; contingencies and assignment disclosures, seller take back?